Russian oil specialists to set record

The Russian Energy Ministry has announced its forecasts for national oil extraction in 2012, expecting its rate to reach 516-518 million tons, as stated by Minister Alexander Novak.

The ministry had earlier expected 514 million tons to be extracted this year. The indicator this year will exceed the last year’s by 1.2%.

The global goal is to keep extraction at 505-510 million tons average. The higher rate will demonstrate efficiency of stimulation, such as the 60/66 system.